FAQ

What is a Trust? A Trust
is an entity which owns assets for the benefit of a third person (beneficiary).
A Living Trust is an effective way to provide lifetime and after-death
property management and estate planning. When you set up a Living Trust,
you are the Grantor; anyone you name within the Trust who will benefit
from the assets in the Trust is a Beneficiary. In addition to being the
Grantor, you can also serve as your own Trustee (Original Trustee). As
the Original Trustee, you can transfer legal ownership of your property
to the Trust. This can save your estate from estate taxes when you die.
Just remember that it does not alleviate your current income tax obligations.

What is an Irrevocable Trust?
A
trust created during the maker's lifetime that does not allow the maker
to change it.

What is a Revocable Trust?
A
trust that can be amended and revoked, usually by the person who established
the trust. This trust may become irrevocable and unamendable when the only
person who can amend or revoke the trust dies or becomes incompetent.

What is a Living Trust? A
living trust is a trust established during a person's lifetime in which
a person's assets and property are placed within the trust, usually for
the purpose of estate planning. The trust then owns and manages the
property held by the trust through a trustee for the benefit of named beneficiary,
usually the creator of the trust (settlor). The settlor, trustee
and beneficiary may all be the same person. In this way, a person may set
up a trust with his or her own assets and maintain complete control and
management of the assets by acting as his or her own trustee.
Upon the death of the person who created the trust, the property of the
trust does not go through probate proceedings, but rather passes according
to provisions of the trust as set up by the creator of the trust.

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